Sunday 8 December 2019

Ardagh swings to a loss as European sales fall

Paul Coulson Ardagh plc.
Paul Coulson Ardagh plc.

Patrick Edwards

Ardagh, the Irish glass company founded by Paul Coulson, swung to a third quarter loss from a profit last year as like-for-like sales fell.

Ardagh is very focused on preparations for the previously postponed initial public offering of business, Mr Coulson said on an analysts' call.

Ardagh made a net loss of $10m in the quarter compared to a profit of $1m the same time last year. Sales jumped 16pc to €1.31bn in the third quarter following the acquisition of VNA. Pro forma revenue of €753m for the quarter in the glass division was 1pc lower than the same period in 2013 at constant currency as Europeans used less glass and drank less beer.

Capital expenditure of €51m in the third quarter was €36m lower than the 2013 period.

Irish Independent

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